01Jun2021 Pre-Market Commentary: Looks Like An Up Day

Written by Gary

At this time this morning with all major world markets in positive territory, it looks like U.S. markets today will open in positive territory.

Here is the current market situation from CNN Money
	European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.
	New Iran Nuclear Deal May Completely Derail Oil Price Rally According to senior political and economic sources who work closely with the current Iranian government exclusively spoken to by OilPrice.com last week, the U.S. has agreed to a tentative removal of key sanctions in the oil, gas, petrochemicals and automotive sectors, plus some of those on Irans banking sector. However, Supreme Leader, Ali Khamenei, and the senior figures of the Islamic Revolutionary Guards Guard Corp (IRGC) are also demanding the additional removal of individuals and their businesses from the U.S.s sanctions list.
	OPEC Could Win Big As Supermajors Fend Off Environmentalists Environmentalists and shareholders concerned about the risks of investing in oil in the energy transition were not the only winners of last weeks historic rebuke of Big Oil by investors and society. While the growing discontent with the largest international oil firms resulted in stinging defeats in Exxon and Chevrons boardrooms and in a Dutch courtroom where Shell was ordered to cut emissions more than it has pledged to, OPEC was quietly sitting on the fence and contemplating its next short-term move. While environmentalists
	The U.S. Shale Patch Could Be In For Another Wave of Mergers After last year saw some huge deals in the U.S. shale space, with ConocoPhillips merging with Concho Resources and Chevron buying Devon Energy, among others, it looks that this year will see a continuation of the M&A trend. Indeed, it is likely that consolidation is the only way forward for the industry. “It’s a better way to ride through the cycles in our business,” said the chief executive of Cimarex following the announcement of its all-stock merger with Cabot Oil& Gas Corp earlier this month. “The demands of our sector, in terms of
	OPEC Boosted Production Less Than Expected In May As agreed in early April, OPEC has been raising its oil production in May, but lower output in Nigeria, Angola, and Iran partly offset major increases from top producers Saudi Arabia and Iraq to result in a lower-than-expected rise in the cartels supply, the monthly Reuters survey showed on Monday. OPECs 13 members have produced 25.52 million barrels per day (bpd) this month, an increase of 280,000 bpd from April, according to the survey of OPEC sources, sources at oil firms and consultants, and tanker-tracking data. The cartels
	The Oil ETFs To Watch If The Iran Deal Crumbles Back in April, we discussed the possibility of president Biden’s administration reviving the 2015 nuclear deal with Iran and consequently lifting the country’s oil sanctions. We surmised that whereas Iran rejoining the ranks of major oil exporters as early as 2021 after a three-year layoff was likely to cause quite a bit of trepidation in the jittery markets, such a move would not necessarily upset the delicate supply balance that OPEC+ has been trying to achieve. Well, those concerns have just been pushed further down the road, with a floundering
	OPEC+ Still Sees Oil Demand Growing By 6 Million Bpd In 2021 The Joint Technical Committee (JTC) of the OPEC+ group maintained at a meeting on Monday its outlook for global oil demand growth at around 6 million barrels per day (bpd) this year, two OPEC+ sources told Reuters. The committee meets ahead of the monthly ministerial meetings of the OPEC+ alliance and takes stock of the market developments, inventories, and compliance rates, and, when asked, gives recommendations for policy actions to the meetings of the ministers the following days. OPEC itself said in its Monthly Oil Market Report
	MLB launches into NFT space with new company led by Fanatics Candy Digital will release an exclusive Lou Gehrig non-fungible token during the Fourth of July weekend.
	EVTOL start-up Archer seeks to dismiss competitor’s lawsuit claiming theft of trade secrets Archer Aviation wants a judge to dismiss a lawsuit claiming it violated trade secrets to develop electric vertical takeoff and landing aircraft.
	AMC shares are hopping again as theater chain sells new stock to investor AMC said in a securities filing that it raised $230.5 million through a stock sale to Mudrick Capital Management.
	China Tesla rival Nio sees deliveries fall in May as chip shortage bites Nio delivered 6,711 vehicles in May, a 95.3% year-on-year. However, that was a 5% decrease from April.
	Zero Covid? Taiwan outbreak shows that’s not a long-term solution, says professor Taiwan is “completely susceptible” to new coronavirus variants that are more transmissible, said Benjamin Cowling of The University of Hong Kong.
	Still in the throes of Covid, India emerges as one of Asia’s top stock markets in May India’s Nifty 50 rose 6.5% while the BSE Sensex was up 6.47% for the month of May.
	Black Wall Street was shattered 100 years ago. How the Tulsa race massacre was covered up and unearthed On May 31, 1921, a white mob turned Greenwood upside down in one of the worst racial massacres in U.S. history.
	Cryptocurrency poses a significant risk of tax evasion Consumers and businesses can shield income from the IRS using cryptocurrencies like bitcoin. The Biden administration wants to change the rules.
	Singapore’s Covid restrictions may be relaxed after June 13 if situation improves Singapore’s Prime Minister Lee Hsien Loong said Monday that the country’s Covid restrictions may be relaxed after June 13 if the situation improves.
	As Covid rages on, India is expected to report a 1% growth in the quarter ending March Gross domestic product for the January-March period ” India’s fiscal fourth quarter ” is due Monday evening local time.
	Wellness expert Deepak Chopra left ‘heartbroken’ by India’s devastating Covid crisis Deepak Chopra, who was born and raised in New Delhi before continuing his medical training in the U.S., said he hopes lessons have been learned.
	Nepali billionaire says the country underestimated its second Covid wave Nepal underestimated its second wave of Covid-19 infections and needs to step up its efforts to address the crisis, Nepali billionaire Binod Chaudhary said.
	Malaysia stocks trade lower as country heads for ‘total’ Covid lockdown Malaysia has been struggling to control a surge in Covid-19 infections and last week reported five-consecutive days of record increases in cases.
	Australian Court Upholds “Draconian” Ban On International Travel Australian Court Upholds “Draconian” Ban On International Travel In what is a landmark court ruling in Australia, a country that has “raised the drawbridge” by preventing citizens from leaving and foreigners from arriving, a judge has upheld the government’s travel ban that prevents most Australians from leaving the country so they don’t bring COVID-19 back with them. The government has credited the strategy with the country’s success in limiting COVID-19 infections. A recent outbreak in Melbourne has led to a week-long lockdown for the country’s second-largest city and the surrounding Victoria state, which might be extended as new cases – many of which were traced to a particularly infectious strain out of India – are identified. As the AP reports, Australia is the only developed democracy that has prevented its citizens and permanent residen …
	Shockingly Expected: US NSA & Danish Intelligence Spied On “EU Allies” Shockingly Expected: US NSA & Danish Intelligence Spied On “EU Allies” Via South Front, The US National Security Agency (NSA), with assistance from Denmark’s foreign intelligence unit spied on senior officials of European countries, including German Chancellor Angela Merkel and President Frank-Walter Steinmeier, among others. This was revealed in a report by Danish state broadcaster DR. The findings are the result of an internal investigation in the Danish Defense Intelligence Service from 2015 into NSA’s role in the partnership, DR said, citing nine unnamed sources with access to the investigation. This is unsurprising, as the fact that the US spies on its allies regularly has been known fact, for a while now.
	“An Absolute Shocker”: Core CPI To Hit 4% In Two Weeks? “An Absolute Shocker”: Core CPI To Hit 4% In Two Weeks? While pundits debate whether the record usage on the Fed’s reverse repo facility, which last week hit a record $485BN before easing back modestly… … will be the technical catalyst that forces the Fed to finally hike the IOER by 5bps at the June meeting (a move which Powell will repeat several hundred times is not indicative of the Fed’s broader monetary policy to avoid a panic puke), a bigger threat to the Fed’s overall (and overly dovish) monetary posture is that as Nordea wrote last week, there is a clear risk that the May inflation report published on June 10, “will prove to be an absolute shocker with used cars and trucks up by 50% year over year, and a potential further increase in the yearly increase in the rent of shelter component.” For those who haven’t seen what is going on in the used car space, …
	Turkey Prepares A Syrian Diversion For Its Internal Strife Turkey Prepares A Syrian Diversion For Its Internal Strife By South Front, A Turkish operation in northeastern Syria may be brewing, if recent developments are an indication. On May 28th, the Turkish-backed Syrian National Army (SNA) announced that it had eliminated the mastermind behind ISIS assassinations in the region, in a joint operation with the œFree Syrian Police. The SNA said that a joint force had raided a hideout in the town of al-Bab where the ISIS assassination commander was taking shelter. There were heavy clashes. In a typical Turkish-esque reporting manner, the pro-Ankara forces achieved victory, despite the odds. Two days later, ISIS’ response came, when al-Bab was subjected to two attacks. On May 30th, in the morning, an improvised explosive device blew up the SUV of Tala ‘Abu, the General Judge of al-Bab, who survived the attack.
	Amigo faces collapse after failed bid to cap payouts Compensation payments to customers remain halted while the sub-prime lender considers its options.
	Covid-19: Red list arrivals terminal opens at Heathrow Airport The dedicated location is for passengers arriving in the UK from nations judged to be most at-risk.
	House prices jump 10.9% as ‘race for space’ intensifies Prices in the year to May were the strongest for seven years as buyers seek gardens and more space, Nationwide says.
	Is real estate a good investment in India? One of the unexpected happy stories of the ongoing Covid pandemic has been the revival of the real estate sector. Low interest rates, cut in stamp duties and the popularity of work-from-home culture resulted in a K-shaped recovery in the residential segment in the pandemic year. And why only domestic investors, even FPIs continue to repose faith in the realty sector.
	Will RBI warning of a bubble in stocks require followup action? The Archegos saga is particularly relevant in the wake of the caution issued by the RBI over the meteoric rise in Indian stock market amid GDP contraction and its stark warning of a bubble fueled mainly by rising money supply and foreign portfolio investor (FPI) investments.
	Second wave impact on GDP less than feared; expect RBI policy normalisation by year-end: Nomura œAlthough the second wave will likely constrain sequential growth momentum in Q2CY21, we expect the damage to be significantly less than during the first wave and less than currently feared, said Sonal Verma, chief economist at Nomura Securities.
	Infographic Of The Day: Snowball Of Government Debt To see how each country is faring in the aftermath of an unprecedented global borrowing spree, today’s infographic shows debt-to-GDP ratios using April 2021 data from the International Monetary Fund (IMF).
	LIVE: Current Weather And Forecasts Up To 7 Days – Tuesday June 01, 2021 Written by Sig Silber HEADLINES – – Record-breaking heat across the western United States to start the month of June – Flash flooding and severe weather possible across portions of the Lower Mississippi Valley and Southern Plains today – Scattered showers and thunderstorms advance eastward into the Ohio and Tennessee valleys on Wednesday
	: Not just an American headache, as a race for space sends U.K. house prices soaring The race for space sent U.K. house prices soaring to their highest level in nearly seven years in May, as the COVID-19 pandemic encouraged people to move to larger properties in rural areas.
	Europe Markets: European equities open June with rise to record level as value stocks continue to thrive European stocks rose on the first day of June, with mining, oil and bank shares advancing.
	Futures Movers: Crude prices surge to more than 2-year high ahead of OPEC+ meeting Crude prices soared on Tuesday ahead of a meeting of the Organization of the Petroleum Exporting Countries and their allies that will decide on production levels.